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The Purchase Process in Uruguay
 
The property process in Uruguay is obtained following the different steps mentioned here below:
  • The buyer selects a property and agrees on the price.
  • The buyer's notary contacts the seller and drafts the first document, the "Boleto de Reserva" which:
  • Secures the purchase, committing seller and buyer.
  • Sets a Penalty if either party breaches the commitment.
  • Sets the amount that is deposited simultaneously with signing of the Boleto de Reserva (usually 10% of the price), which stays in escrow with the notary that the buyer appointed.
  • Allows 30 – 90 day window to verify the good standing of the property.
  • Sets the closing date, when the full price is paid and the property is transferred.
  • After signing the "Boleto de Reserva", the buyer's notary verifies the good standing of the property and its title/deed:
  • Analyses title/deed.
  • Verifies information in Public Registry.
  • Verifies taxation, etc.
  • The notary drafts the purchase document ("Escritura de Compraventa").
  • The purchase document is signed, the property is transferred and the price is paid.
  • The notary records the purchase in the Public Registry.
Purchase transaction Costs for the Buyer
  • Transaction Costs total approximately 8-9% in Uruguay:
  • Real Estate Agent Fee: 3% plus VAT (22%) = 3.66%
  • Notary Public's Fee: 3%plus VAT (22%) = 3.66%
  • Deed Registration Stamp Duties ("Montepios"): 0.55%
  • Registry and Tax Certificates Stamp Duties: USD 200 on average
  • Property Transfer Tax: 2% of the Fiscal Value of the Property
  • (which is usually substantially lower than the market value)
  • The Transaction Costs when selling are lower:
  • Real Estate Agent Fee: 3% plus VAT (22%) = 3.66%
  • Property Transfer Tax: 2% of the Fiscal Value of the Property.
 
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